Tenants help pay for a first home

Sean Cooper has graduated from renter to homeowner, at the age of 27, in one of Canada’s most expensive housing markets.

To do so, he will live in a basement apartment while the tenants upstairs pay much of his mortgage and ownership costs, at least until he is out of debt. “I got the idea from Scott McGillivray, host of Income Property on HGTV Canada,” he admits.

Cooper insists he is prepared to make sacrifices to reach his goal. “Some people prioritize different things in life,” says the young graduate with a Bachelor of Commerce degree. “Owning a car and going on vacation are more important to them.”

Cynthia Kett, a Certified Financial Planner, was impressed by Cooper’s determination: “We wish everyone took as much pride and responsibility for their financial well-being as you,” she commented.